{"id":46681,"date":"2014-08-22T08:26:23","date_gmt":"2014-08-22T08:26:23","guid":{"rendered":"http:\/\/mostafa.openonline.co.uk\/?guid=c6221fe5452cc775078b61cd922814f9"},"modified":"2014-08-22T08:26:23","modified_gmt":"2014-08-22T08:26:23","slug":"press-release-uk-sets-the-bar-for-transparency-over-oil-gas-and-mining-payments","status":"publish","type":"post","link":"https:\/\/mostafa.openonline.co.uk\/?p=46681","title":{"rendered":"Press release: UK sets the bar for transparency over oil, gas and mining payments"},"content":{"rendered":"
\n

Mining, gas and oil companies registered in the UK<\/abbr> will be required to report on the payments they make to governments in all the countries they operate in as of 1 January 2015, Business Minister Jo Swinson announced today (21 August 2014).<\/p>\n

The introduction of this transparency requirement makes the UK<\/abbr> the first EU<\/abbr> country to introduce reporting requirements on extractives companies.<\/p>\n

This follows on from the Prime Minister\u2019s commitment to promote transparency in the extractives industry at the 2013 G8 in Lough Erne.<\/p>\n

Extractives companies will have a maximum of 11 months after the end of their financial year to file a report at Companies House detailing their extractives payments.<\/p>\n

Business Minister Jo Swinson said:<\/p>\n

\n

Oil, gas and mining can, if well managed, deliver precious economic benefits to the populations of developing countries. Too often though the assets from resource-rich countries are not benefitting local people or the local economy.<\/p>\n

The UK<\/abbr> is determined to lead by example which is why we have introduced reporting requirements on UK<\/abbr> based extractives companies early.<\/p>\n

These changes will result in greater transparency, helping build a stronger economy and ensuring people around the world have the information they need to hold their governments to account.<\/p>\n<\/blockquote>\n

This new reporting requirement implements Chapter 10 of the EU<\/abbr> Accounting Directive, which was agreed in June 2013. <\/p>\n

Notes to editors:<\/h3>\n
    \n
  1. The government consulted industry, civil society and the public on proposals for the new reporting requirements for extractives industries in late spring 2014. <\/li>\n
  2. All responses to the consultation are available<\/a>.<\/li>\n
  3. Extractive companies registered in the UK<\/abbr> will be required to report on payments made from 1 January 2015. <\/li>\n
  4. The government wants to minimise the burdens on business. This is why government has asked industry to work with Companies House to develop the format of the report. <\/li>\n
  5. Approximately 250 companies may have to report as of 2015, but this will depend on whether a company has made any payments to governments in the reporting period and those payments are over the threshold for reporting. The threshold is \u20ac100,000. <\/li>\n
  6. \nUK<\/abbr> registered subsidiaries of parents companies registered in other EU<\/abbr> countries will only need to file reports as part of consolidated accounts in the parent Member State. <\/li>\n
  7. In addition to Chapter 10 of the Accounting Directive, the UK<\/abbr> also signed up to the Extractive Industries Transparency Initiative (EITI<\/abbr>) on 22 May 2013.<\/li>\n
  8. \nEITI<\/abbr> provides a standard for companies to publish what they pay for oil, gas and mining in the UK<\/abbr>. Governments disclose what they receive from these companies and the figures are reconciled by an independent administrator and published.<\/li>\n
  9. \nThe Multi Stakeholder Group<\/a> (MSG<\/abbr>) is making good progress on EITI<\/abbr> implementation and submitted the UK<\/abbr> candidacy application to the International Board on the 5 August 2014.<\/li>\n<\/ol>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

    Mining, gas and oil companies registered in the UK will report on payments they make to governments in all countries they operate in.<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"_links":{"self":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/46681"}],"collection":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=46681"}],"version-history":[{"count":0,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/46681\/revisions"}],"wp:attachment":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=46681"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=46681"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=46681"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}